This was announced in the annual meeting of SALCO's assembly which was attended by, Mehdi Karbasian, the head of the board of directors of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) and Managing Director of Ghadir Investment Company Mohammad Talebi, IMIDRO reported.
The construction of the factory began in March 2015 with Chinese investment of $1.2 billion. Currently, more than 2,000 people are directly involved in the implementation of the project.
Ghadir Investment Company has committed to supply electricity for the project. To this end, the firm is preparing to build an exclusive power plant, the fund for which is expected to be made available by China. However, by the time Chinese investors extend the line of credit for the venture, the electricity for implementing the project will be supplied from the national power grid as per a contract signed with Iran Power Generation and Transmission Company (TAVANIR).
The other fundamental infrastructure, being established to significantly reduce the costs involved in importing raw materials and exporting ingots, is a jetty which is under construction by IMIDRO in Parsian Special Economic Energy Zone. The project is expected to become operational concurrent once the aluminum ingot production plant goes on stream thus driving down the costs of importing aluminum powder and exporting aluminum ingots.
The plant is Iran's biggest aluminum production project. IMIDRO holds a 49-percent stake in SALCO while the rest is owned by Ghadir Investment Company.